企业财务绩效是检验企业战略是否为经营业绩作出的贡献的标尺。本 篇论文着重研究企业财务绩效相关问题。 本文选取山西汾酒股份作为研究对象。 山西汾酒是中国十大名酒之一， 是全国著名的酒类企业，也是全国白酒行业中第一个上市的企业。山西汾 酒目前正在进行包括混合所有制改革、人事体制改革、股权激励等多方 面 的改革。对山西汾酒的财务绩效研究也能从另一个侧面探究改革的得与失。 这一点在庆祝改革开放四十周年，要求改革开放再出发的今天有着特殊的 意义。 本文在借鉴以往 所采用的绩效评价体系的基础上,尝试根据白酒行业 实际情况多角度地、全方位地评价财务绩效。引入不同层次类型的酒类企 业作对比，贵州茅台和五粮液----两家国内最优秀的 酒类企业，古井贡酒 ----营业收入、利润略高于山西汾酒的酒类企业。选择这三家优秀的企业 与汾酒股份进行对比，可以看出企业间的差异，进而对山西汾酒企业战略、 管理经 营策略、产品策略等提出意见建议。 本篇论文的从六个方面对研究的主题进行阐述。第一方面是绪论部分， 侧重从企业财务绩效研究意义、研究的背景、研究这一主题时运用的 方法 和研究内容等四方面进行阐述。第二部分理论基础。从国内国外两个方面 对阅读的文献进行评述。此外还对以财务分析的定义和方法为主要内容的 财务分析的基础理论进行 深入分析阐述。第三部分构建了财务绩效评价体 IV 系。第四部分是汾酒股份财务绩效分析。介绍了汾酒股份的概况。分别介 绍了贵州茅台、五粮液、古井贡酒三个对比企业的情 况。偿债能力及还债 的能力怎样、盈利能力即赚钱的能力怎么样、营业能力即管理的能力怎么 样、发展能力即未来趋势是研究汾酒集团企业绩效的四个维度上。研究时 既有不同 企业同一指标的横向比较，也有汾酒股份历年数据的比较，相对 来说是比较全面的。第五部分是对策及建议。在之前研究的基础上，结合 汾酒股份面临的挑战和存在的优势，提 出对策建议。第六部分作出结论。 关键词：汾酒股份；财务绩效；评价体系构建；前景分析 V ResearchontheFinancialPerformanceofFenjiu Abstract： Theproductionandmanagementstrategyofanenterpriseshould runalongthecorrectdirectionandtrack.Evaluatewhethertheenterprise's productionandoperationstrategyiscorrectandwhetheritcanreallycontribute tothebusinessperformance.Itisnecessarytoevaluatethefinancial performanceofenterprises.Thisthesismainlystudiesthefinancialperformance ofenterprises. Inordertostudytheproblemofenterprisefinancialperformance,inorder tomaketheresearchnotempty,chosetheobjectofthestudyshanxifenjiu shares.ShanxifenjiuisoneofthetenfamousliquorsinChina.Itisafamous nationalliquorenterpriseandthefirstlistedenterpriseinthenationalliquor industry.Currently,shanxifenjiuiscarryingoutthereformofmixedownership, personnelsystemandequityincentive.Thefinancialperformanceresearchof shanxifenjiucanalsoexplorethegainandlossofreformfromanotheraspect. Thispointincelebratingthe40thanniversaryofreformandopeningup,reform andopeninguptostarttodayhasaspecialsignificance. Inordertomaketheresearchanddiscussionofthepaperricherandmore three-dimensional.Thispaperalsointroducedkweichowmoutaiandwuliangye, twoofthebestliquorenterprisesinChina,andgujinggongliquor,aliquor enterprisewithaslightlyhigheroperatingrevenueandprofitthanshanxifenjiu. Bythetimeofwritingthispaper,kweichowmoutai'sstockpricepersharehas VI reached806yuan,withAtotalmarketvalueof1013.5billionyuan,becomingA well- deservedbigMAConthea-sharemarket.Thecomparisonbetweenthese threeexcellententerprisesandfenjiustockcanmakeresearchershavemore intuitiveanddirectfeelingsonthestudyoffinancialperformance.Thenexplore behindtheenterprisestrategy,managementstrategy,productstrategyandother aspectsoftheproblem. Thispaperhassixparts.Thefirstpartistheintroduction,whichmainly introducestheresearchbackgroundandsignificance,theresearchcontentand methodsofthispaper.Partiiliteraturereview.Thispaperreviewstheliterature fromtwoaspects:domesticandforeign.Thethirdpartisthetheoretical basis.Thispaperintroducesthetheoreticalbasisoffinancialanalysisincluding thedefinitionandmethodsoffinancialanalysis.Thispaperintroducesthe theoreticalbasisofperformanceevaluation,includingthedefinitionof performance,thedefinitionoffinancialperformanceevaluation,the constructionoffinancialperformanceevaluationsystem,thedesignprinciples offinancialperformanceevaluationsystem,andtheconstructionoffinancial performanceevaluationsystem.Thefourthpartisfenjiusharefinancial performanceanalysis.Introducedthegeneralsituationoffenwinestock.This paperintroducesthreecomparativeenterprisesofkweichowmoutai,wuliangye andgujinggongjiu.Thenitstudiesthecorporateperformanceoffenjiugroup fromtheperspectiveoffinancialanalysis,mainlyfromthefouraspectsofdebt payingability,profitability,operatingabilityanddevelopmentability.The researchincludesbothhorizontalcomparisonofthesameindexofdifferent enterprisesandhistoricaldatacomparisonoffenjiushares,whichisrelatively VII comprehensive.Thefifthpartisprospectanalysis.Thispartanalyzesthe advantagesandchallenges.Theadvantagesareanalyzedfromtheaspectsof policyadvantage,reformadvantageandhistoricaladvantage.Thechallenges areanalyzedfromtheaspectsofmarketchallengesandchallenges.Andthe developmentofshanxifenjiuSuggestions.Partviconcludes. Keywords：fenjiushares；Financialperformance；Prospect；analysis I 目录 1绪 论.........................................................................................................................................1 1.1研究背景与意 义.........................................................................................................1 1.1.1研究背 景..........................................................................................................1 1.1.2研究的目的和意 义...........................................................................................2 1.2本文研究内容及方 法..................................................................................................3 1.2.1研究内 容...........................................................................................................3 1.2.2研究方 法...........................................................................................................3 1.3研究的难点、重点、创新 点......................................................................................4 2理论基 础.................................................................................................................................5 2.1国内文献综 述..............................................................................................................5 2.2国外文献综 述..............................................................................................................9 2.3财务分析的理论基 础................................................................................................10 2.3.1财务分析的定 义.............................................................................................10 2.3.2财务分析的方 法.............................................................................................10 2.3.3财务分析的作 用.............................................................................................11 2.4财务绩效评价的理论基 础........................................................................................12 2.4.1绩效的定 义.....................................................................................................12 2.4.2绩效评 价........................................................................................................12 2.4.3财务绩效评 价.................................................................................................13 2.4.4财务绩效评价的相关理 论.............................................................................14 3财务绩效评价体系的构 建...................................................................................................17 3.1财务绩效评价体系设计原 则....................................................................................17 3.2财务绩效评价要 素....................................................................................................18 3.3财务绩效评价体系的构 建........................................................................................19 4.汾酒股